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Employee Benefits | 12 Months Ended
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Mar. 31, 2022
Disclosure Of Employee Benefit Plan [Abstract] |
Employee Benefits |
3 3) | EMPLOYEE BENEFITS
|  | As at March 31 |
Particulars |  | 2021 |  |  | 2022 |
Net defined benefit liability |  |  | 5,849 |  |  |  | 7,258 |
Other long term employee benefit (liability for compensated absences) |  |  | 1,630 |  |  |  | 1,828 |
Total employee benefit liabilities |  |  | 7,479 |  |  |  | 9,086 |
|  | As at March 31 |
Particulars |  | 2021 |  |  | 2022 |
Present value of unfunded obligation |  |  | 5,849 |  |  |  | 7,258 |
Total |  |  | 5,849 |  |  |  | 7,258 |
Defined Benefit Plan The Group’s gratuity scheme for the employees of its Indian subsidiaries [MakeMyTrip (India) Private Limited (‘MMT India’), Ibibo Group Private Limited (‘Ibibo’), Bitla Software Private Limited (‘Bitla’), Quest 2 Travel.com India Private Limited (‘Q2T’) and TripMoney Fintech Solutions Private Limited (‘TripMoney’)] is a defined benefit plan. The plan in Q2T is funded, whereas plans in MMT India, Ibibo, Bitla and TripMoney are unfunded as at March 31, 2022. Gratuity is paid as a lump sum amount to employees at retirement or termination of employment at an amount based on the respective employee’s eligible salaries and the years of employment with the Group. A.Movement in the net defined benefit liability The following table shows a reconciliation from the opening balances to the closing balances for the net defined liability and its components.
Particulars |  | Defined benefit obligation |  |  | Fair value of plan assets |  |  | Net defined benefit liability |
|  | As at March 31 |  |  | As at March 31 |  |  | As at March 31 |
|  | 2021 |  |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |  |  | 2022 |
Balance as at April 1 |  |  | 5,669 |  |  |  | 6,490 |  |  |  | (835 | ) |  |  | (641 | ) |  |  | 4,834 |  |  |  | 5,849 |
Included in profit or loss |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current service cost |  |  | 949 |  |  |  | 1,083 |  |  |  | — |  |  |  | — |  |  |  | 949 |  |  |  | 1,083 |
Interest cost (income) |  |  | 283 |  |  |  | 329 |  |  |  | (38 | ) |  |  | (23 | ) |  |  | 245 |  |  |  | 306 |
|  |  | 1,232 |  |  |  | 1,412 |  |  |  | (38 | ) |  |  | (23 | ) |  |  | 1,194 |  |  |  | 1,389 |
Included in other comprehensive income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Remeasurement loss (gain) : |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
-Actuarial loss (gain) arising from : |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
-financial assumptions |  |  | (158 | ) |  |  | (155 | ) |  |  | — |  |  |  | — |  |  |  | (158 | ) |  |  | (155 | )
-experience adjustment |  |  | 493 |  |  |  | 616 |  |  |  | — |  |  |  | — |  |  |  | 493 |  |  |  | 616 |
-Return on plan assets excluding interest income |  |  | — |  |  |  | — |  |  |  | (136 | ) |  |  | (35 | ) |  |  | (136 | ) |  |  | (35 | )
|  |  | 335 |  |  |  | 461 |  |  |  | (136 | ) |  |  | (35 | ) |  |  | 199 |  |  |  | 426 |
Effects of movement in foreign exchange rates |  |  | 125 |  |  |  | (231 | ) |  |  | (15 | ) |  |  | 14 |  |  |  | 110 |  |  |  | (217 | )
Other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contribution by employer |  |  | — |  |  |  | — |  |  |  | (2 | ) |  |  | (2 | ) |  |  | (2 | ) |  |  | (2 | )
Liquidation of plan assets* |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 229 |  |  |  | — |  |  |  | 229 |
Benefits paid |  |  | (871 | ) |  |  | (675 | ) |  |  | 385 |  |  |  | 259 |  |  |  | (486 | ) |  |  | (416 | )
Balance as at March 31 |  |  | 6,490 |  |  |  | 7,457 |  |  |  | (641 | ) |  |  | (199 | ) |  |  | 5,849 |  |  |  | 7,258 |
* Note: On March 17, 2022, the Company has surrendered its plan assets held in Ibibo. The surrender value as at the date of the event has been returned to the Company.
|  | As at March 31 |
Particulars |  | 2021 |  |  | 2022 |
Present value of defined benefit obligation |  |  | 6,490 |  |  |  | 7,457 |
Less: fair value of plan assets |  |  | (641 | ) |  |  | (199 | )
Net defined benefit liability |  |  | 5,849 |  |  |  | 7,258 |
|  | As at March 31 |
Net defined benefit liability represented by: |  | 2021 |  |  | 2022 |
MMT India |  |  | 3,996 |  |  |  | 4,650 |
Ibibo |  |  | 1,463 |  |  |  | 2,137 |
Bitla |  |  | 200 |  |  |  | 250 |
Q2T |  |  | 170 |  |  |  | 191 |
TripMoney |  |  | 20 |  |  |  | 30 |
| B. | Actuarial assumptions
Principal actuarial assumptions are given below:
|  | As at March 31
Particulars |  | 2021 |  | 2022
Discount rate (per annum) |  | 5.40% - 6.20% |  | 5.80%-6.70%
Future salary growth (per annum) |  | 5.00% - 11.00% |  | 5.00%-11.00%
Withdrawal rate |  | 10.00% - 25.00% |  | 10.00%-25.00%
Retirement age (years) |  | 58 - 65 |  | 58-60
Assumptions regarding future mortality rates are based on Indian Assured Lives Mortality (2006-08) (modified) Ultimate as published by Insurance Regulatory and Development Authority (IRDA). The actuarial valuation is carried out half yearly by an independent actuary. The discount rate used for determining the present value of obligation under the defined benefit plan is determined by reference to market yields at the end of the reporting period on Indian Government Bonds. The currency and the term of the government bonds is consistent with the currency and term of the defined benefit obligation. The future salary growth rate takes into account inflation, seniority, promotion and other relevant factors on long-term basis. The methods and types of assumptions used in preparing the sensitivity analysis did not change compared to the prior period.
| C. | Sensitivity analysis
Reasonably possible changes at the reporting date to one of the relevant actuarial assumptions, holding other assumptions constant, would have affected the defined benefit obligation by the amounts shown below:
Particulars |  | For the year ended March 31, 2021 |  |  | For the year ended March 31, 2022 |
|  | Increase |  |  | Decrease |  |  | Increase |  |  |  |  | Decrease |
Discount rate (1% movement) |  |  | (257 | ) |  |  | 280 |  |  |  | (287 | ) |  |  |  |  | 312 |
Future salary growth (1% movement) |  |  | 275 |  |  |  | (260 | ) |  |  | 307 |  |  |  |  |  | (291 | )
Withdrawal rates (10% movement) |  |  | (632 | ) |  |  | 1,185 |  |  |  | (611 | ) |  |  |  |  | 1,120 |
| D. | Plan assets
Plan assets comprise the following:
|  | As at March 31 |
Particulars |  | 2021 |  |  | 2022 |
Funds managed by the insurer |  |  | 100 | % |  |  | 100 | %
E. Description of plan characteristics The Gratuity scheme is a final salary defined benefit plan that provides for a lump sum payment made on exit either by way of retirement, death, disability or voluntary withdrawal. The benefits are defined on the basis of final salary and the period of service and paid as lump sum at exit. F. Description of plan associated risks 1. Interest rate risk : The defined benefit obligation calculated uses a discount rate based on government bonds. If bond yields fall, the defined benefit obligation will tend to increase. 2. Salary Inflation risk : Higher than expected increases in salary will increase the defined benefit obligation. 3. Demographic risk : This is the risk of variability of results due to unsystematic nature of decrements that include mortality, withdrawal, disability and retirement. The effect of these decrements on the defined benefit obligation is not straight forward and depends upon the combination of salary increase, discount rate and vesting criteria. It is important not to overstate withdrawals because in the financial analysis the retirement benefit of a short career employee typically costs less per year as compared to a long service employee. G. Expected benefit payments for the year ending:
|  | Amount |
March 31, 2023 |  |  | 1,501 |
March 31, 2024 |  |  | 1,589 |
March 31, 2025 |  |  | 1,522 |
March 31, 2026 |  |  | 1,496 |
March 31, 2027 |  |  | 1,595 |
Thereafter |  |  | 5,985 |
H. The Group expects to pay USD 62 in contributions to its defined benefit plans in the next annual reporting period. I. The weighted average duration of the defined benefit obligation is 4-7 years (March 31, 2021: 4-6 years)

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